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Warburg in talks to sell 10% stake in SBI General to Premji Invest, SBI
Premji Invest and New York-based Warburg Pincus agreed to buy 16.01 per cent and 9.99 per cent of SBI General Insurance, respectively, in 2019 from Insurance Australia Group Ltd
Bloomberg
By Baiju Kalesh and Manuel Baigorri
Warburg Pincus is in talks with Premji Invest and State Bank of India about selling them its stake of about 10 per cent in SBI General Insurance Co., according to people familiar with the matter.
The firm is finalizing details of an agreement with Premji Invest — the family office of Wipro Ltd. founder Azim Premji — and State Bank of India, the people said, asking not to be identified because the talks are private. A transaction could value SBI General Insurance at as much as $4.5 billion, the people said.
Discussions are ongoing and no final decision has been made, the people said.
Warburg Pincus declined to comment. Premji Invest and State Bank of India didn't respond to requests for comment.
Premji Invest and New York-based Warburg Pincus agreed to buy 16.01 per cent and 9.99 per cent of SBI General Insurance, respectively, in 2019 from Insurance Australia Group Ltd. in a transaction that was completed in 2020.
Based in Mumbai, SBI General Insurance was established in 2009 and offers non-life insurance products including health, motoring, home and travel, according to its website. State Bank of India owns around 70 per cent in the company.
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